Homeowners Insurance

The specifics of property insurance can vary depending on the policy and the insurance company, but generally, property insurance policies provide coverage for damage or loss caused by specific events, such as fire, theft, or natural disasters like hurricanes or earthquakes. The policy may also provide liability coverage in case someone is injured on the property.

When the policyholder experiences damage or loss to their property, they file a claim with the insurance company. The insurance company then sends an adjuster to assess the damage and determine the amount of the claim. If the claim is approved, the insurance company will pay the policyholder the agreed-upon amount of the claim, minus any deductible.

The deductible is the amount that the policyholder is responsible for paying out of pocket before the insurance company pays the remainder of the claim. For example, if the policyholder has a $1,000 deductible and files a claim for $10,000 in damages, they would be responsible for paying $1,000, and the insurance company would pay the remaining $9,000.

It’s important to note that property insurance policies often have limits on the amount of coverage for certain types of events or items. For example, a policy may have a limit on the amount of coverage for jewelry or art, or a limit on the amount of coverage for damage caused by flooding.  If you need a Flood Insurance policy, click here.